Lawsuit filed for Investors who lost money with shares of Iris Energy Limited (NASDAQ: IREN)

An investor, who purchased shares of Iris Energy Limited (NASDAQ: IREN), filed a lawsuit over alleged Securities Laws violations by Iris Energy Limited in connection with certain allegedly false and misleading statements made in connection with the Company's initial public offering conducted on or about November 17, 2021 (the "IPO") and in between November 17, 2021 and November 1, 2022.

Investors who purchased shares of Iris Energy Limited (NASDAQ: IREN) have certain options and for certain investors are short and strict deadlines running. Deadline: February 6, 2023. NASDAQ: IREN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Sidney, Australia based Iris Energy Limited owns and operates bitcoin mining data centers in Canada, the United States, and the Asia-Pacific.
Iris Energy Limited portrays itself as a leading owner and operator of institutional-grade, highly efficient, proprietary Bitcoin mining data centers powered by 100% renewable energy.
Iris Energy Limited's Bitcoin mining operations purportedly generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of specialized computing equipment called "miners" or "Bitcoin miners" and exchanging these Bitcoin for fiat currencies such as U.S. dollars or Canadian dollars on a daily basis.
Iris Energy Limited has three wholly-owned special purpose vehicles, referred to as "Non-Recourse SPV 1", "Non-Recourse SPV 2", and "Non-Recourse SPV 3" (collectively, the "Non-Recourse SPVs"), each of which was incorporated for the specific purpose of financing certain of the Bitcoin miners operated by the Company.
On October 25, 2021, Iris Energy Limited filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the IPO, which, after several amendments, was declared effective by the SEC on November 16, 2021 (the "Registration Statement").

On or around November 10, 2021, Iris Energy Limited conducted its initial public offering ("IPO"), selling 8.27 million shares of stock priced at $28.00.

On November 18, 2021, Iris Energy Limited filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the "Prospectus" and, together with the Registration Statement, the "Offering Documents").

Then, on November 2, 2022, Iris issued a press release disclosing, among other things, that "[c]ertain equipment (i.e., Bitcoin miners) owned by . . . special purpose vehicles currently produce insufficient cash flow to service their respective debt financing obligations, and have a current market value well below the principal amount of the relevant loans" and that "[r]estructuring discussions with the lender remain ongoing."

Shares of Iris Energy Limited (NASDAQ: IREN) declined to $2.11 per share on November 09, 2022.

The plaintiff claims that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) certain of Iris's Bitcoin miners, owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations; (ii) accordingly, Iris's use of equipment financing agreements to procure Bitcoin miners was not as sustainable as Defendants had represented; (iii) the foregoing was likely to have a material negative impact on the Company's business, operations, and financial condition; and (iv) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

Those who purchased shares of Iris Energy Limited (NASDAQ: IREN) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.